The wire line services market size is projected to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing demand for oil and gas.
Electric cables are used by gas and oil well operators for well intervention, pipeline recovery, and reservoir assessment via wire line services. Equipment for data gathering programs is transported into wells via a multi-strand cable. Wire line services are used for data transfer during work over activities. It's also used to figure out how much organic carbon and hydrocarbons are in a well. Due to increased production operations in the sector, the prospects for wire line services in the oil and gas business are promising. Due to the growing cabling demands of oil and gas fracking firms, the need for wire line services in the oilfield continues to expand.
Market Segment Insights
On the basis of type, the wire line services market is bifurcated into electric line and slick line. The electric line segment is expected to represent a key share of the market during the forecast period. The electrical line (E-line) is a cable that is used to lessen tools and transfer data to the surface and deployed tools. When data must be delivered to the surface, an e-line can perform the slick line task as well as assist in evaluating (logging) the formation. E-lines are made up of single or many strands. E-Line is a more value-added deployment technique since it can meet both criteria; it can act mechanically while collecting data on well conditions. The market for E-Line wire-line services has been expanding as the number of ancient wells (conventional) that require intervention and monitoring throughout the world has increased. Furthermore, many down-hole instruments that were formerly deployed using coiled tubing may now be deployed with E-Line, which is more cost-effective.
Based on hole type, the wire line services market is divided into open-hole and cased-hole. The cased hole segment is expected to represent a key share of the market during the forecast period owing to determining the status of cement, corrosion, and perforation. Cased hole services involve taking logging measures using well chasing or metal pipe installed during the well completion process. Cased hole wire line services are critical for casing, cement assessment, and saturation logging, allowing operators to analyze the well capacity in detail and maximize output. In the case of a malfunction, it allows operators to take quick remedial action.
In terms of location of deployment, the wire line services market is bifurcated into onshore and offshore. The onshore segment is expected to represent a key share of the market during the forecast period. Onshore drilling refers to any drilling that takes place on dry ground. Significant investments in shale gas have been made as part of the continuous trend toward using greener energy sources to minimize carbon emissions. Onshore activities for shale gas exploration have increased as a result of this. The expansion of the onshore sectors during the projected period is attributable to this trend in developing shale gas reserves.
On the basis of geography, the wire line services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. Wire line services are likely to be the most popular in North America. This is mostly owing to the huge number of onshore oil and gas platforms, harsh sea conditions, and stringent safety requirements that encourage drilling and completion services. In 2018, three major oil discoveries were made in the United States, including two in the Gulf of Mexico: Ballymore (545 Mb) at a depth of 2,000 m undersea and Appomattox (140 Mb) at a depth of 2,300 m. Aside from that, the Putu/Stony field in Alaska has yielded an onshore finding for the US (200 Mb).
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Key Players Covered in the Report
Expro International Group PLC; Schlumberger Limited; Baker Hughes Company; Halliburton Company; Weatherford International PLC
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